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Remittances, Capital Flows and Financial Development during the Mass Migration Period, 1870-1913

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  • Rui Esteves
  • David Khoudour-Castéras

Abstract

This paper addresses the question whether the substantial financial flows received by emigration countries in the four decades running up to World War I contributed to domestic financial development in peripheral Europe. We quantify a sizable and significant relation between remittances and measures of development of the financial sector that is both larger than the contribution of other international capital flows and than the best estimates of the same relation in our days. Given that financial development is regularly included among the conditions for economic growth and catch up of developing nations, this paper adds to our understanding of the multiple impacts of the mass migration phenomenon on the economies of emigration countries.

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Bibliographic Info

Paper provided by CEPII research center in its series Working Papers with number 2009-12.

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Date of creation: Jun 2009
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Handle: RePEc:cii:cepidt:2009-12

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Keywords: International migration; remittances; financial development;

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  1. Kevin H. O'Rourke & Jeffrey G. Williamson, 2001. "Globalization and History: The Evolution of a Nineteenth-Century Atlantic Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262650592, December.
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Cited by:
  1. Bouoiyour, Jamal, 2013. "Les transferts des fonds des migrants marocains : Leviers de croissance et du développement
    [Remittances of Moroccan migrants: Levers of growth and development]
    ," MPRA Paper 50537, University Library of Munich, Germany.
  2. Harold James & Kevin H. O'Rourke, 2011. "Italy and the first age of globalization, 1861-1940," Quaderni di storia economica (Economic History Working Papers) 16, Bank of Italy, Economic Research and International Relations Area.
  3. Brian A'Hearn & Tony Venables, 2011. "Internal Geography and External Trade: regional disparities in Italy, 1861-2011," Economics Series Working Papers 578, University of Oxford, Department of Economics.
  4. Bettin, Giulia & Lucchetti, Riccardo & Zazzaro, Alberto, 2012. "Financial development and remittances: Micro-econometric evidence," Economics Letters, Elsevier, vol. 115(2), pages 184-186.
  5. Rui P. Esteves, 2011. "The Political Economy of Global Financial Liberalisation in Historical Perspective," Oxford University Economic and Social History Series _089, Economics Group, Nuffield College, University of Oxford.
  6. Bettin, Giulia & Lucchetti, Riccardo & Zazzaro, Alberto, 2012. "Endogeneity and sample selection in a model for remittances," Journal of Development Economics, Elsevier, vol. 99(2), pages 370-384.
  7. Giulia Bettin & Riccardo Lucchetti & Alberto Zazzaro, 2009. "Income, consumption and remittances: evidence from immigrants to Australia," Mo.Fi.R. Working Papers 34, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
  8. Bandiera, Oriana & Rasul, Imran & Viarengo, Martina, 2012. "The Making of Modern America: Migratory Flows in the Age of Mass Migration," CEPR Discussion Papers 9248, C.E.P.R. Discussion Papers.
  9. Sami Ben Mim (ERUDITE) & Fatma Mabrouk (GREThA, CNRS, UMR 5113), 2011. "Remittances and economic growth: what channels of transmission? (In French)," Cahiers du GREThA 2011-28, Groupe de Recherche en Economie Théorique et Appliquée.

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